Cushman & Wakefield represented the seller and procured the buyer in the transaction. C&W's Andrew J. Merin, George Lambros III, Patrick R. Colwell and H. Gary Gabriel represented DRA Advisors in the deal. Merin says that the property, which was put on the market this past spring, attracted more than a dozen offers from regional and local investors.
The Lee Farm Corporate Park has 15 tenants and is currently 79% occupied. Its major tenants include: GE Capital (Aircraft Leasing and Health Care divisions), which occupies approximately 65,000 sf and is looking to expand its presence at the building; Clorox, which maintains a 12,000-sf office; and Meta Group, which leases 15,000 sf at the property.
Lambros says that Sands also operates an office in Greenwich at 15 Valley Dr.--a 20,000-sf building the firm owns. The purchase of Lee Farm Corporate Park is part of a move by Sands Brothers to increase its real estate portfolio. He adds that the firm is looking for other acquisitions in the region.
The Lee Farm Corporate Park was built in 1987 by local developer Albert Phelps who later sold the complex to Lehman Brothers. DRA Advisors purchased the park in 1998 for $23.5 million, according to C&W.
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